SEVERANCE AND SEPARATION
A jobs can end suddenly. Company layoffs are a reality in this economic climate. Or, a company may terminate an employee for other reasons.
When a job ends, the company may offer the employee a financial benefit by presenting the employee with a severance or separation agreement.
Before signing a severance or separation agreement, an employee must understand the obligations it imposes. The employee must know what benefit the agreement confers, and what obligations the employee will have after signing it.
Usually, this agreement will require the employee to release any potential claims in exchange for the severance benefit. Often, the company will ask for other things, such as agreements by the employee not to disparage the company or not to reapply for employment.
If the employee is over age 40, the law requires that the employer include certain language for there to be an enforceable release of a potential age discrimination claim.
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